JPM Coin goes live on Ethereum as SoFi pays 4.4% on a tokenized deposit
Four bank moves in the week of Oct. 17-23 show tokenized deposits reaching consumers and institutions as the OCC sets Jan. 18, 2027 for its stablecoin rule.
- JPMorgan Chase said JPM Coin went live on Ethereum on Oct. 19 for institutional clients, after launching on Base in November 2025.
- SoFi's tokenized deposit pays 4.4%, versus a 0.38% average savings rate in FDIC figures cited by the Associated Press.
- The OCC's stablecoin rule takes effect Jan. 18, 2027, and Standard Chartered still needs regulatory approvals to close its Zodia Custody purchase.
JPMorgan Chase put JPM Coin on Ethereum on Oct. 19, the OCC finalized its stablecoin rule on Oct. 21 and SoFi began paying 4.4% on a tokenized deposit on Oct. 22, in the week of Oct. 17-23.
Two of the moves are bank-issued tokens, one is a rulebook and one is a custody purchase. None of the company announcements discloses a volume or a price for the new product.
JPMorgan puts its deposit token on Ethereum for institutional clients
JPMorgan Chase said Oct. 19 that JPM Coin, ticker JPMD, is live on Ethereum for its institutional clients, according to JPMorgan's announcement. The USD deposit token has run on Base, an Ethereum Layer 2 network, since November 2025.
Clients can move the token peer to peer across Ethereum and Base, the company said. JPMorgan gave no JPM Coin volume. It cited company-reported Kinexys figures of $4 trillion in cumulative transactions and $7 billion in average daily volume.
"Tokenized financial infrastructure is no longer theoretical," Emma Landriault, global head of Kinexys Labs at JPMorgan, said in the announcement on Oct. 19.
Access stays limited to institutional clients, so the launch changes where JPMD settles, not who can hold it. The Asian Banker's Oct. 22 roundup also lists the token as live.
SoFi launches a 4.4% tokenized deposit that converts one to one into a stablecoin
SoFi said Oct. 22 it launched SoFi Earn (SOFIE), a tokenized deposit in which each token equals $1 on deposit at SoFi Bank, according to The Block.
The yield is 4.4% and variable, based on information as of Oct. 20, according to IDN Financials. Fortune's report and The Block both give 4.4%.
Holders get FDIC insurance within applicable limits while the token stays a deposit. That cover does not carry over once members convert it 1:1 to the SoFiUSD stablecoin, The Block reported.
PYMNTS cited FDIC figures, relayed by the Associated Press, that put the average savings rate at 0.38%. That leaves SoFi's yield 4.02 percentage points higher (our calculation: 4.4 - 0.38), though the figures come from different sources and dates.
PYMNTS also said Coinbase offers eligible customers up to 3.5% on certain USDC balances. SoFi expects to finish rolling SOFIE out to its crypto members in November, according to The Block.
The OCC leaves stablecoin rewards to case-by-case review in its final rule
The Office of the Comptroller of the Currency (OCC) finalized its GENIUS Act rule on Oct. 21, according to the OCC's release. The Federal Register notice of Oct. 23 sets Jan. 18, 2027 as the effective date.
Comptroller of the Currency Jonathan V. Gould said in the Oct. 21 release that the agency is providing "a clear, practical framework for payment stablecoin innovation." The proposal drew about 328 comments.
The final rule adds capital and operational backstop requirements and keeps liquidity and diversification rules for reserves, according to the Federal Register notice. It leaves anti-money-laundering and sanctions rules to a separate rulemaking.
The OCC dropped the proposed rebuttable presumption on rewards, according to DeFi Prime. It does not treat programs that predate the law as compliant, and it will examine each arrangement, according to PYMNTS.
The American Bankers Association criticized the outcome. It argued the rule preserves cryptocurrency platforms' existing position and threatens funding for local lending, according to PYMNTS.
Standard Chartered signs to buy all of Zodia Custody, with the price undisclosed
Standard Chartered signed definitive agreements on Oct. 21 to acquire 100% of Zodia Custody Limited, the parent of Zodia's regulated entities in Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg, according to The Block.
The price was not disclosed, and the deal needs regulatory approvals and customary closing conditions, according to The Block. Zodia's custody business would join the bank's Securities Services division after closing.
Zodia's software and professional services business would move to Zodia Solutions, a new entity under the bank's SC Ventures arm. Northern Trust, NAB Ventures, SBI Ventures and Emirates NBD are among its investors.
The week in numbers
| Bank | Move | Status | Source |
|---|---|---|---|
| JPMorgan Chase | JPM Coin on Ethereum, Oct. 19 | Live, institutional clients | JPMorgan |
| SoFi | SOFIE tokenized deposit, 4.4% | Rolling out through November | The Block |
| Standard Chartered | Zodia Custody, 100% | Signed, not closed | The Block |
| OCC | Final GENIUS Act rule | Effective Jan. 18, 2027 | OCC |
| Clearing House banks | Shared tokenized deposit network | Planned, first half of 2027 | PYMNTS |
Status as of Oct. 23, 2026, from the linked sources. The Clearing House row is from a June 4 report.
Four dated items run from the November SoFi rollout to the first half of 2027
The dates below come from company releases, the OCC and trade reporting, and several are plans, not commitments. The OCC has not set a date to open applications.
- Nov. 2026: SoFi expects to finish rolling SOFIE out to its crypto members, according to The Block.
- Q4 2026: DTCC plans a voluntary tokenization service for securities held at DTC, according to The Asian Banker.
- Jan. 18, 2027: the OCC rule takes effect, according to the OCC.
- First half of 2027: The Clearing House plans a shared tokenized deposit network for JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, according to PYMNTS' June 4 report. Read the previous stablecoin review for the rule's rewards terms.
How we reported this: we opened the JPMorgan, OCC and Federal Register pages and six press reports. The 4.02-point gap is our calculation: 4.4 - 0.38. We could not open SoFi's own release, so SOFIE terms rest on three outlets.